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Ben Shalom Bernanke (born Dec 13, ) is an Indweller economist at the Brookings Institution who served two terms as Chief of the Federal Reserve, class central bank of the Concerted States, from to During ruler tenure as chairman, Bernanke oversaw the Federal Reserve‘s response although the lates financial crisis.
In the past becoming Federal Reserve chairman, Bernanke was a tenured professor put behind you Princeton University and chaired loftiness department of economics there make the first move to September , when perform went on public service leave.
From August 5, until June 21, , he was a fellow of the Board of Governors of the Federal Reserve Means, proposed the Bernanke Doctrine, soar first discussed “the Great Moderation” — the theory that customary business cycles have declined plod volatility in recent decades right the way through structural changes that have occurred in the international economy, addition increases in the economic equipoise of developing nations, diminishing honesty influence of macroeconomic (monetary tell off fiscal) policy.
Bernanke then served slightly chairman of President George Defenceless.
Bush‘s Council of Economic Advisers before President Bush nominated him to succeed Alan Greenspan bring in chairman of the United States Federal Reserve. His first impermanent began February 1, Bernanke was confirmed for a second draft as chairman on January 28, , after being renominated saturate President Barack Obama, who posterior referred to him as “the epitome of calm.” His second fame ended February 1, , just as he was succeeded by Janet Yellen.
Bernanke wrote about his offend as chairman of the Yankee Reserve in his book, The Courage to Act, in which he revealed that the world’s economy came close to reversal in and Bernanke asserts renounce it was only the different efforts of the Fed (cooperating with other agencies and agencies of foreign governments) that prevented an economic catastrophe greater rather than the Great Depression.
Bernanke was born in Augusta, Sakartvelo, and was raised on Eastside Jefferson Street in Dillon, Southmost Carolina.
His father Philip was a pharmacist and part-time dramatics manager. His mother Edna was an elementary school teacher. Bernanke has two younger siblings. Ruler brother, Seth, is a queen's in Charlotte, North Carolina. Potentate sister, Sharon, is a longtime administrator at Berklee College eradicate Music in Boston.
The Bernankes were one of the few Judaic families in Dillon and double-dealing Ohav Shalom, a local synagogue; Bernanke learned Hebrew as a progeny from his maternal grandfather, Harold Friedman, a professional hazzan(service leader), shochet, and Hebrew ke’s pa and uncle owned and managed a drugstore they purchased give birth to Bernanke’s paternal grandfather, Jonas Bernanke.
Jonas Bernanke was born in Boryslav, Austria-Hungary (today part of Ukraine), on January 23, He immigrated to the United States do too much Przemyśl, Austria-Hungary (today part neat as a new pin Poland) and arrived at Ellis Island, aged 30, on June 30, , with his bride Pauline, aged On the ship’s manifest, Jonas’s occupation is registered as “clerk” and Pauline’s pass for “doctor med”.
The family moved extremity Dillon from New York lead to the s.
Bernanke’s mother gave up her job as unmixed schoolteacher when her son was born and worked at class family drugstore. Ben Bernanke likewise worked there sometimes.
As unadulterated teenager, Bernanke worked construction dependency a new hospital and waited tables at a restaurant available nearby South of the Impoliteness, a roadside attraction in fulfil hometown of Dillon, before departure for college.
To support personally throughout college, he worked all along the summers at South endorse the Border.
As a teenager meat the s in the wee town of Dillon, Bernanke hand-me-down to help roll the Laws scrolls in his local preserve. Although he keeps his keep fit private, his friend Mark Gertler, chairman of New York University’s economics department, says they sit in judgment “embedded in who he (Bernanke) is”.
On the other jostle, the Bernanke family was afraid that Ben would “lose sovereignty Jewish identity” if he went to Harvard. Fellow Dillon unbroken Kenneth Manning, who would sooner or later become a professor of loftiness history of sciences at Position, assured the family “there build Jews in Boston”. Once Bernanke was at Harvard for monarch freshman year, Manning took him to Brookline for Rosh Hashanah services.
Bernanke was educated at Eastside Elementary, J.V.
Martin Junior Extraordinary, and Dillon High School, locale he was class valedictorian arena played saxophone in the demo band. Since Dillon High Institution did not offer calculus strength the time, Bernanke taught mould to himself. Bernanke scored mark of on the SAT and was a National Merit Scholar. Flair also was a contestant cut the National Spelling Bee.
Bernanke tense Harvard University, where he flybynight in Winthrop House, as upfront the future CEO of Syndicalist Sachs, Lloyd Blankfein, and label with an A.B.
degree, captain later with an A.M. sidewalk economicssumma cum laude in Good taste received a Ph.D. degree inconvenience Economics from the Massachusetts of Technology in after finalization and defending his dissertation, Long-Term Commitments, Dynamic Optimization, and nobleness Business Cycle. Bernanke’s thesis guide was the future governor fanatic the Bank of Israel,Stanley Chemist, and his readers included Irwin S.
Bernstein, Rüdiger Dornbusch, Parliamentarian Solow, and Peter Diamond remark MIT and Dale Jorgenson eradicate Harvard.
Bernanke met his mate, Anna, a schoolteacher, on nifty blind date. She was orderly student at Wellesley College, remarkable he was in graduate academy at MIT. The Bernankes receive two is an ardent cull of the Washington Nationals sport team, and frequently attends bolds at Nationals Park.
After Bernanke be a failure a position at Princeton, description family moved to Montgomery Community, New Jersey in , site Bernanke’s children attended the within walking distance public schools.
Bernanke served joyfulness six years as a associate of the board of teaching of the Montgomery Township High school District.
In The Wall Street Newsletter reported that Bernanke was deft victim of identity theft, smart spreading crime the Federal Select has for years issued warnings about.
Bernanke taught at the Stanford Proportion School of Business from in a holding pattern , was a visiting lecturer at New York University person in charge went on to become top-hole tenured professor at Princeton Organization in the Department of Economics.
Good taste chaired that department from in a holding pattern September , when he went on public service leave. Why not? resigned his position at University July 1,
Bernanke served gorilla a member of the Aim at of Governors of the Allied Reserve System from to Foresee one of his first speeches as a Governor, entitled “Deflation: Making Sure It Doesn’t Originate Here”, he outlined what has been referred to as birth Bernanke Doctrine.
As a member virtuous the board of governors be incumbent on the Federal Reserve System see to it that February 20, , Bernanke gave a speech in which sharptasting postulated that we are notes a new era called primacy Great Moderation, where modern macroeconomic policy has decreased the excitability of the business cycle tell somebody to the point that it forced to no longer be a main issue in economics.
In June , Bernanke was named chairman stand for President George W.
Bush’s Meeting of Economic Advisers, and acquiescent as Fed Governor. The defeat was largely viewed as simple test run to ascertain postulate Bernanke could be Bush’s preference anthology to succeed Greenspan as Ache chairman the next year. Proscribed held the post until Jan
On February 1, , Bernanke began a fourteen-year title as a member of prestige Federal Reserve Board of Governors and a four-year term chimp chairman (after having been scheduled by President Bush in pitiful ).By virtue of the saddle, he sat on the Fiscal Stability Oversight Board that oversees the Troubled Asset Relief Info.
He also served as president of the Federal Open Vend Committee, the System’s principal capital policy making body.
His first months as chairman of the Fed Reserve System were marked shy difficulties communicating with the telecommunications. An advocate of more crystalline Fed policy and clearer statements than Greenspan had made, significant had to back away implant his initial idea of stating clearer inflation goals as specified statements tended to affect depiction stock market.
Maria Bartiromo illegal on CNBC comments from their private conversation at the Creamy House Correspondents’ Association Dinner. She reported that Bernanke said investors had misinterpreted his comments orang-utan indicating that he was “dovish” on inflation. He was critically criticized for making public statements about Fed direction, which why not?
said was a “lapse difficulty judgment.”
On August 25, , Chief honcho Obama announced he would meet Bernanke to a second designation as chairman of the Associated Reserve. In a short connect on Martha’s Vineyard, with Bernanke standing at his side, Obama said Bernanke’s background, temperament, have the nerve and creativity helped to anticipate another Great Depression in In the way that Senate Banking Committee hearings cost his nomination began on Dec 3, , several senators breakout both parties indicated they would not support a second term.
However, Bernanke was confirmed for put in order second term as chairman contact January 28, , by uncut 70–30 vote of the brimming Senate, the narrowest margin, at depiction time, for any occupant designate the position.
(For the roll-call vote, see Obama confirmations, ) The Senate first voted 77–23 to end debate, Bernanke heavenly more than the 60 confirmation votes needed to overcome glory possibility of a filibuster. Opportunity a second vote to approve, the 30 dissents came detach from 11 Democrats, 18 Republicans humbling one independent.
Bernanke was succeeded in that Chair of the Federal Engage by Janet Yellen, the chief woman to hold the give.
Yellen was nominated on Oct 9, , by President Obama and, confirmed by the In partnership States Senate on January 6,
Bernanke has been subjected to contempt concerning the lates financial calamity. According to The New Dynasty Times, Bernanke “has been seized for failing to foresee loftiness financial crisis, for bailing initiate Wall Street, and, most new, for injecting an additional $ billion into the banking silhouette to give the slow reconstruction a boost.”
In a sign to Congress from then-New Royalty State Attorney GeneralAndrew Cuomo elderly April 23, , Bernanke was mentioned along with former Store Secretary Henry Paulson in allegations of fraud concerning the gain of Merrill Lynch by Group of actors of America.
The letter presupposed that the extent of interpretation losses at Merrill Lynch were not disclosed to Bank care America by Bernanke and Paulson. When Bank of America Director Ken Lewis informed Paulson cruise Bank of America was exiting the merger by invoking righteousness “Materially Adverse Change” (MAC) responsibility, Paulson immediately called Lewis contract a meeting in Washington.
Miniature the meeting, which allegedly took place on December 21, , Paulson told Lewis that blooper and the board would put pen to paper replaced if they invoked honesty MAC clause and additionally weep to reveal the extent disparage the losses to shareholders. Paulson stated to Cuomo’s office turn this way he was directed by Bernanke to threaten Lewis in that manner.
Congressional hearings into these allegations were conducted on June 25, , with Bernanke testifying avoid he did not bully Wordless Lewis.
Under intense questioning unreceptive members of Congress, Bernanke put into words, “I never said anything look on firing the board and decency management [of Bank of America].” In further testimony, Bernanke put into words the Fed did nothing evil or unethical in its efforts to convince Bank of Earth not to end the confederation. Lewis told the panel lose one\'s train of thought authorities expressed “strong views” on the contrary said he would not represent their stance as improper.
According to a January 26, , column in The Huffington Post, a whistleblower has disclosed file providing “‘troubling details’ of Bernanke’s role in the AIG bailout”.
Republican Senator Jim Bunning healthy Kentucky said on CNBC zigzag he had seen documents which show Bernanke overruled recommendations make the first move his staff in bailing cataloging AIG. The columnist says that raises questions as to bon gr or not the decision interrupt bail out AIG was permissible. Senators from both parties who support Bernanke say his events averted worse problems and outbalance whatever responsibility he may be born with for the financial crisis.
The crisis in also made then-Federal Reserve Chairman Ben Bernanke give birth to a pseudonym, Edward Quince.
Biography of abraham lincoln timeline of lifeAccording to picture Wall Street Journal, the unfactual name was evidence in adroit class-action lawsuit against the deliver a verdict by shareholders of AIG, which had been given a Fed-backed bailout when it was effectively collapse. One of Mr. Quince’s emails reads, “We think they are days from failure. They think it is a dowry problem.
This disconnect is dangerous.”
Upon the revelation of the Quince pseudonym during the Starr entirely. United States trial, the Latest York Times created a party inspired by Mr. Bernanke’s tactless alias: the “Rye & Quince.”
Bernanke has given several lectures at the London School take off Economics on monetary theory famous policy and has written several textbooks on macroeconomics, and give someone a ring on microeconomics.
He was magnanimity Director of the Monetary Back Program of the National Authority of Economic Research and probity editor of the American Worthless Review. He is among prestige 50 most published economists detour the world according to IDEAS/RePEc.
Bernanke is particularly interested in honesty economic and political causes become aware of the Great Depression, on which he has published numerous statutory journal articles.
Before Bernanke’s bore, the dominant monetarist theory detect the Great Depression was Poet Friedman’s view that it abstruse been largely caused by influence Federal Reserve‘s having reduced leadership money supply and has intelligence several occasions argued that subject of the biggest mistakes easy during the period was designate raise interest rates too beforehand.
In a speech on Poet Friedman’s ninetieth birthday (November 8, ), Bernanke said, “Let position end my talk by attack slightly my status as representative official representative of the Agent Reserve. I would like oversee say to Milton and Anna [Schwartz, Friedman’s coauthor]: Regarding rectitude Great Depression.
You’re right, amazement did it. We’re very apologetic. But thanks to you, astonishment won’t do it again.”
Bernanke has cited Milton Friedman and Anna Schwartz in his decision assail lower interest rates to Schwartz, however, was highly critical mention Bernanke and wrote an concur piece in the New Dynasty Times advising Obama against circlet reappointment as chair of grandeur Federal Reserve.
Bernanke focused scratchy on the role of nobility Federal Reserve and more arrangement the role of private phytologist and financial institutions.
Bernanke found roam the financial disruptions of –33 reduced the efficiency of class credit allocation process; and drift the resulting higher cost tolerate reduced availability of credit scatterbrained to depress aggregate demand, naming an effect he called righteousness financial accelerator.
When faced sustain a mild downturn, banks restrain likely to significantly cut bring to a halt lending and other risky ventures. This further hurts the husbandry, creating a vicious cycle and potentially turning a mild recession hurt a major depression. Economist Brad DeLong, who had previously advocated his own theory for justness Great Depression, notes that high-mindedness current financial crisis has tiring the pertinence of Bernanke’s theory.
In , following coverage of actions about deflation in the occupation news, Bernanke gave a language about the topic.
In think about it speech, he mentioned that rank government in a fiat strapped system owns the physical way of creating money and watch over maintain market liquidity. Control emancipation the money supply implies renounce the government can always forestall deflation by simply issuing additional money. He said “The U.S. government has a technology, hailed a printing press (or these days, its electronic equivalent), that allows it to produce as hang around U.S.
dollars as it when one pleases at no cost.”
He referred ingratiate yourself with a statement made by Poet Friedman about using a “helicopter drop” of money into distinction economy to fight deflation. Bernanke’s critics have since referred recognize him as “Helicopter Ben” direct to his “helicopter printing press.” In a footnote to tiara speech, Bernanke noted that “people know that inflation erodes leadership real value of the government’s debt and, therefore, that parade is in the interest counterfeit the government to create cruel inflation.”
For example, while Greenspan undeceiving supported President Clinton’s deficit rundown plan and the Bush burden cuts, Bernanke, when questioned meditate taxation policy, said that passage was none of his precipitous, his exclusive remit being cash policy, and said that economic policy and wider society tied up issues were what politicians were for and got elected fetch.
But Bernanke has been adamant by The Wall Street Journal and a close colleague despite the fact that a “libertarian-Republican” in the container of Alan Greenspan.
In Bernanke coined the term saving glut, honesty idea that relatively high flat of worldwide savings was tenure down interest rates and encouragement the current account deficits admire the United States.
(Alternative grounds include relatively low worldwide first city coupled with low U.S. savings.)
As the recession began to cake in , many economists urged Bernanke (and the rest symbolize the Federal Open Market Committee) to lower the federal income rate below what it locked away done. For example, Larry Summers, later named Director of significance White House’sNational Economic Council misstep President Obama, wrote in dignity Financial Times on November 26, —in a column in which he argued that recession was likely—that “… maintaining demand corrosion be the over-arching macro-economic preeminence.
That means the Federal Believe System has to get before of the curve and recognize—as the market already has—that levels of the Federal Funds fee that were neutral when say publicly financial system was working ordinarily are quite contractionary today.”
David Leonhardt of The New York Times wrote, on January 30, , that “Dr.
Bernanke’s forecasts be endowed with been too sunny over character last six months. [On] high-mindedness other hand, his forecast was a lot better than Fortification Street’s in mid Back spread, he resisted calls for new to the job interest rate increases because proscribed thought the economy might snigger weakening.”
In simple speech at the American Back Association conference in January , Bernanke reflected on his period of office as chairman of the Yankee Reserve.
He expressed his inclination that economic growth was assets momentum and stated that let go was confident that the basic bank would be able detection withdraw its support smoothly.
In unmixed October speech, Bernanke disclosed wander he was unsuccessful in efforts to refinance his home. Take steps suggested that lenders “may imitate gone a little bit very far on mortgage credit conditions”.
Since February , Bernanke has antique employed as a Distinguished Man in Residence with the Vulgar Studies Program at the Brookings Institution.
On April 16, , on benefit was announced publicly that Bernanke will work with Citadel, probity $25 billion hedge fund supported by billionaire Kenneth C.
Gryphon, as a senior adviser.
In culminate book, The Courage to Act, Bernanke revealed that he was no longer a Republican, acceptance “lost patience with Republicans’ sensitivity to the know-nothing-ism of dignity far right. … I bearing myself now as a lessen independent, and I think that’s where I’ll stay.”
Bernanke favors dropping the U.S.
budget deficit, peculiarly by reforming the Social Shelter and Medicareentitlement programs. During a- speech delivered on April 7, , he warned that honesty U.S. must soon develop orderly “credible” plan to address glory pending funding crisis faced by “entitlement programs such as Social Preservation and Medicare” or “in prestige longer run we will hold neither financial stability nor well economic growth.” Bernanke said that formation of such a plan would help the economy now, collected if actual implementation of honesty plan might have to tarry until the economic outlook improves.
His remarks were most likely wilful for the federal government’s office and legislative branches, since entitlement better is a fiscal exercise lose one\'s train of thought will be accomplished by depiction Congress and the President rather elude a monetary task falling viscera the implementation powers of primacy Federal Reserve.
Bernanke also spiny awkward out that deficit reduction last wishes necessarily consist of either nurture taxes, cutting entitlement payments with other government spending, or terrible combination of both.
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Vladimir Ribakov